The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1887-07-28
ARTICLE x.


DnncToRa.
SECTION 1. II shall be the duty Of the Board
of Directors to meet stately on the third Mon
day in each and every month with the stock
holders at such places as they shall appoint TO
dispose Of the funds according to the Constitu-
ton, and to attend to the financial affairs OF the
Association generally. -,
each regular monthly meeting special meeting,
and other special meetings as oflen as may be
necessary. for the consideration Of securities Of
fered and such ether business as may come be-
fore them.
SEC. 3. 1t shall be their duty to see that the
security offered by borrowing stakeholder is
sufficient to secure the Association against all
loss by reason of such loan; and, If necessary,
they shall make a personal inspection Of the
real estate offered as security. And In making
loans for building purposes they shall take all
necessary precautions to protect the property
taken as security from mechanics liens.
Sec 4. 1t shall be their duty 10 make fire.
quent inspections Of the books OF the Secretary
and Treasurer and TO see that these officers
faithfully perform their duties, and to report any
delinquencies on their part at the regular
monthly meetings They shall order a full
statement of the affairs Of the Association to be
prepared at least ten days before the general an
nual meeting of the members, at which meeting
such statement shall be submitted after having
been first audited and signed by three nom
Office holding members OF the Association Sc
lected by the board for that purpose.
SEC. g. A majority Of the board shall consti-
tute q quorum. They may adopt any regula
tons for their government not in conflict with
the Constitution.
Sec g. The Directors shall fix the salary of
the Secretary and Treasurer.
ARTICLE XII
SOLICITOR.
The Directors shall elect Solicitor, who shall
remain in Office as long as his services salts
factory TO the board. They shall prefer for such
position a member of the Association. 1t shall
be his duty to examine all titles of real estate
other property offered for mortgage security
and to present the Board of Directors with a
written statement thereof; TO draw all papers
and documents necessary in effectiDg
loans; to answer all legal questions put
10 him by the Board of Directors in connec-
ton with the business of the Association and TO
conduct all suits in behalf of the Association. He
shall receive such fees for investigating titles and
conducting suits as may be agreed upon by the
Directors, the same TO be paid by the party Of
fering the security, or the defendant in suit
ARTICLE XII.
ADVANCES
SECTION l. Each stakeholder for each share of
stock he or she may hold in the Association shall
be entitled to purchase an advance on stock of
two hundred dollars and no more.
SEC. 2. The amount paid into the treasury
each month, if over two hundred dollars, shall
at the monthly meetings of the stockholders be
put up for sale at auction, and the stakeholder
offering the highest premium shall be entitled to
receive an amount not exceeding the par value
of his stock, less the premium bid, and the costs
and charges incurred; Provided, He shall give
adequate security for the same, to be approved
by the Board of Directors.
SEC. 3. If the stakeholder bidding the highest
premium as provided in the foregoing section
should not take the entire amount to be dis
posed of, then the balance shall be offered and
sold in the same manner. But if there should be
no bid for the money offered, then the names of
all the holders of stock on which loan has not
been made, shall be placed in receptacle to be
provided for the purpose, and the Secretary
shall draw therefrom name, and the person
whose name is drawn shall take to the amount of
his stock in case the par value thereof does not
exceed the amount TO be loaned and when it does
exceed such amount then he shall take the en-
tire sum offered PROVIDED, He shall be permit
ted to procure another stakeholder to take the
amount 80 assigned 10 him. And in case the
party whose name is so drawn fails 10 procure
another stakeholder to take the amount
or fails to offer to the Directors with
in the time limited in this Constitu-
ton, satisfactory security for such amount
then the Directors shall invest the same in such
manner as in their judgment will be to the best
interest of the Association, taking adequate Sc
curity therefor
SEC. f. Any stakeholder taking an advance
shall allow to be deducted the premium offered
by him for the same and shall secure the Asso-
citation for such advances by bond and mortga-
cages, or other good security, and when there are
buildings on the land mortgaged he shall keep
the same insured IN favor OF the Association, and
if he neglects to do so then the Treasurer shall
have the same insured for the benefit of the AS
ISOLATION at the expense of the stockholder He
shall further pay all costs and charges that may
accrue for examining titles, drawing, acknowl.
edging, recording and releasing all papers In con-
nection with said security, and shall be required
on budding OH loan TO make deposit with the
Treasurer of SIS for that purpose; and in case he
fails to make such deposit the money shall be re-
offered at the same meeting. He shall also be re-
quired to pay reasonable attorneys fee for fore
closing his mortgage in case foreclosure shall be
resorted to, which shall be included in the de-
cree.
Sec. s. For each and every advance of two
hundred dollars made to stakeholder, at least
one share of stock shall be assigned as additional
and collateral security-the Directors to be first
satisfied that the security is sufficient In case
Of failure to give security for an advance within
one month from the date Of purchase, the months
interest at the legal rate shall be charged to such
together with all costs and charges |
or examining titles, and his right to such pur. |
chase may cease at discretion of the Board of Di-
ectors. And in case Of resale of the money at |
| subsequent meeting any loss on premium shall |
,e paid by the first purchaser; but any profit |
hall 60 TO the Association.
SEC. 9. Any stakeholder taking an advance |
hall pay to the Treasurer, IN addition to his |
monthly dues for shares, one dollar per month
m each share for which such advance 10 made
SEC. 2. No stakeholder shall be entitled to an
dvance who is in arrears to the Association
md no real estate shall be taken as security Sit
late outside OF Leon county, Florida; and no
ecOnd mortgages shall be accepted.
SEC. g. Should any stakeholder, having re-
evied an advance on his stock, neglect or fail 10
ay his dues therefor for three successive months
he money borrowed shall become Immediately
ue and payable, and subject the bond aud mort
age or other securities given therefor to imme-
late foreclosure and sale, at the option of the
SOard OF Directors; and the Board of Directors |
nay enforce payment therefore by causing suits
0 be instituted on their bonds and mortgages:
nd in the event of the sale of the mortgaged |
remises or other securities they shall receive
ayment OF debt, interest and cost from the pro- |
eeds OF the sale, returning the surplus, if any.
0 the said stockholder
SEC. g. In the event of the death of any stock
older who has received an advance on his stock.
he legal representatives OF the deceased in their |
apacity as such shall be entitled to continue his
with the Association by complying
nth The terms Of the Constitution or should
hey not be willing or able to do SO then they
hall be required 10 pay in full all the debt due |
n the said advance, and all the arrearages
nd fines due on the shares of the deceased.
nd then they shall lie entitled to OBJ
ain release or surrender of the bond and
Mortgage or other Secuties of the deceased ond |